News

Amerigo Announces Q4-2015 and Full Year Production Results

VANCOUVER, BC--(February 05, 2016) - Amerigo Resources Ltd. (TSX: ARG) ("Amerigo"
or the "Company") announced today production results for the fourth
quarter of 2015 from Minera Valle Central ("MVC"), the Company's
operations located near Rancagua, Chile. MVC produced 10.860 million
pounds of copper, including copper produced pursuant to MVC's tolling
contract with Minera Maricunga during the three months ended December
31, 2015. Production for the full year of 2015 was 37.337 million pounds
of copper and 98,000 pounds of molybdenum.

Construction of the Cauquenes extraction facility was completed in
December 2015. The historic Cauquenes tailings are currently being
processed in MVC's plant in conjunction with the fresh tailings from El
Teniente. Plant commissioning and optimisation work is ongoing and
Cauquenes current copper recoveries of 28% are expected to increase to
33% in the second half of the year. Copper production is expected to
continue to ramp up in 2016 as Cauquenes grade increases with depth and
recovery improves. In 2016, MVC is expected to produce 55 to 60 million
pounds of copper, at an annual cash cost of $1.65 to $1.85/lb Cu. No
molybdenum production is expected in 2016 due to prevailing low
molybdenum prices.

Rob Henderson, Amerigo's
President and CEO, stated "The MVC team performed well to safely deliver
the first phase of the Cauquenes expansion project on time and under
budget. As a result, we look forward to increased copper production and
further cost reductions in 2016."

Key operating and sales metrics for 2015 are shown below.

Production Metrics:

Q4-2015

Q3-2015

Q2-2015

Q1-2015

Q4-2014

Copper Production (million lbs)

10.860

8.494

9.118

8.865

11.352

Molybdenum Production (million lbs)

-

-

-

0.098

0.160

Ore milled (Tonnes 000's)

15,589

12,065

15,194

13,312

15,995

Copper Grade (%)

0.142

0.124

0.136

0.149

0.140

Copper Recovery (%)

20.4

23.3

19.4

18.5

21.6

Power Costs (US$ per kwh)

$0.105

$0.111

$0.091

$0.086

$0.098

Sales Metrics:

Q4-2015

Q3-2015

Q2-2015

Q1-2015

Q4-2014

Copper Sales1 (Million lbs)

10.737

8.288

9.395

8.829

11.216

Company's Recorded Copper Price ($US/lb)2

2.08

2.36

2.65

2.68

3.01

Molybdenum Sales (million lbs)

-

-

-

0.109

0.159

Company's Recorded Molybdenum Price ($US/lb)

-

-

-

8.41

9.21

1 Copper sales per the Company's records, which may
differ from copper sales per División El Teniente ("DET"). All
differences between Company and DET records for a quarter will be
recorded as settlement adjustments in subsequent quarters until settled.

2 Copper price recorded for the Company's financial
statements for the quarter before smelter and refinery charges and
settlement adjustments to prior quarters' sales. The Company calculates
this number by dividing quarterly dollar sales as recorded in its
financial statements (calculated based on copper deliveries per DET)
over quarterly copper sales per the Company's own records.

The Company will release 2015 financial results at market open on Thursday February 25, 2016 and will hold an investor conference call to discuss the results on Friday February 26, 2016 at 11:00 am Pacific Standard Time/2:00 pm Eastern Standard Time.

To participate in the call, please dial the following number: 1-866-223-7781 (Toll-Free North America)

Please let the operator know you wish to participate in the Amerigo
Resources conference call. Media are invited to attend on a listen-only
basis.

Following management's discussion of the
quarterly results, the analyst and investment community will be invited
to ask questions.

Amerigo Resources Ltd. produces
copper under a long term partnership with the world's largest copper
producer, Codelco, by means of processing fresh and old tailings from
the world's largest underground copper mine, El Teniente near Santiago,
Chile. Tel: (604) 681-2802; Fax: (604) 682-2802; Web: www.amerigoresources.com; Listing: (TSX: ARG)

This news release contains certain forward-looking information and
statements as defined in applicable securities laws (collectively
referred to as "forward-looking statements"). These statements relate to
future events or our future performance. All statements other than
statements of historical fact are forward-looking statements. The use of
any of the words "anticipate", "plan", "continue", "estimate",
"expect", "may", "will", "project", "predict", "potential", "should",
"believe" and similar expressions is intended to identify
forward-looking statements. Although the Company believes that these
assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies which
are difficult or impossible to predict and are beyond the Company's
control, the Company cannot assure that it will achieve or accomplish
the expectations, beliefs or projections described in the
forward-looking statements. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. These statements speak only as of the date
of this news release. These forward-looking statements include but are
not limited to, statements concerning:

forecast production and operating costs;

our strategies and objectives;

our estimates of the availability and quantity of tailings, and the quality of our mine plan estimates;

the extension of El Teniente's useful life and the extent of its remaining ore reserves;

prices and price volatility for copper and other commodities and of materials we use in our operations;

the demand for and supply of copper and other commodities and materials that we produce, sell and use;

sensitivity of our financial results and share price to changes in commodity prices;

our financial resources;

interest and other expenses;

domestic and foreign laws affecting our operations;

our tax position and the tax rates applicable to us;

the timing and costs of construction and tolling/production, and the
issuance and maintenance of the necessary permits and other
authorizations required for, our expansion projects, including the
expansion for the Cauquenes deposit and the timing of ramp up to full
production from Cauquenes;

our ability to procure or have access to financing (including the full
funding for Phase one of the Cauquenes project) and to comply with our
loan covenants;

the production capacity of our operations, our planned production levels and future production;

potential impact of production and transportation disruptions;

hazards inherent in the mining industry causing personal injury or loss
of life, severe damage to or destruction of property and equipment,
pollution or environmental damage, claims by third parties and
suspension of operations

our planned capital expenditures (including our plan to upgrade our
existing plant and operations after phase one of Cauquenes is complete)
and estimates of asset retirement, royalty, severance and other
obligations;

our future capital and production costs, including the costs and
potential impact of complying with existing and proposed environmental
laws and regulations in the operation and closure of our operations;

our capital expenditures, including the timing and cost of completion of capital projects;

disruptions to the information technology systems of the Company and
its subsidiaries (collectively, the "Group"), including those related to
cyber-security;

our dividend policy; and

general business and economic conditions.

Inherent in forward-looking statements are risks and uncertainties
beyond our ability to predict or control, including risks that may
affect our operating or capital plans; risks generally encountered in
the permitting and development of mineral projects such as unusual or
unexpected geological formations, negotiations with government and other
third parties, unanticipated metallurgical difficulties, delays
associated with permits, approvals and permit appeals, ground control
problems, adverse weather conditions, process upsets and equipment
malfunctions; risks associated with labour disturbances and availability
of skilled labour and management; fluctuations in the market prices of
our principal commodities, which are cyclical and subject to substantial
price fluctuations; risks associated with the availability and pricing
of materials used in our operations; risks created through competition
for mining projects and properties; risks associated with lack of access
to markets; risks associated with availability of tailings and mine
plan estimates; risks posed by fluctuations in exchange rates and
interest rates, as well as general economic conditions; risks associated
with environmental compliance and changes in environmental legislation
and regulation; risks associated with our dependence on third parties
for the provision of critical services; risks associated with
non-performance by contractual counterparties; title risks; social and
political risks associated with operations in foreign countries; risks
of changes in laws affecting our operations or their interpretation,
including foreign exchange controls; and risks associated with tax
reassessments and legal proceedings. All of these risks and
uncertainties apply not only the Group and its operations, but also to
Codelco and its operations. Codelco's ongoing mining operations provide a
significant portion of the materials the Group processes and its
resulting production and therefore these risks and uncertainties may
also affect their operations and in turn have a material effect on the
Group.

Actual results and developments are likely to differ, and may differ
materially, from those expressed or implied by the forward-looking
statements contained in this news release. Such statements are based on a
number of assumptions which may prove to be incorrect, including, but
not limited to, assumptions about:

general business and economic conditions;

interest rates;

levels of and changes in commodity and power prices;

acts of foreign governments and the outcome of legal proceedings;

the supply and demand for, deliveries of, and the level and volatility
of prices of copper and other commodities and of the products used in
our operations;

the ongoing supply of material for processing from Codelco's current mining operations;

MVC's ability to profitably extract and process material from the Colihues and Cauquenes tailings deposits;

the timing of the receipt and ongoing retention of permits and other regulatory and governmental approvals;

the availability of and ability of the Company to obtain adequate
financing for expansions and acquisitions, including the Cauquenes
expansion;

our tolling/production costs and our production and productivity levels, as well as those of our competitors;

our ability to obtain, comply with and renew permits in a timely manner;

our ability to meet production and cost budgets and plans; and

our ongoing relations with our employees and entities with which we do business.

Future production levels and cost estimates assume there are no adverse
mining or other events which significantly affect budgeted production.

We caution you that the foregoing list of important factors and
assumptions is not exhaustive. Other events or circumstances could cause
our actual results to differ materially from those estimated or
projected and expressed in, or implied by, our forward-looking
statements. You should also carefully consider the matters discussed
under "Risk Factors" in our Annual Information Form. Except as required
by law, we undertake no obligation to update publicly or otherwise
revise any forward-looking statements or the foregoing list of factors,
whether as a result of new information or future events or otherwise.

Contact Information

For further information, please contact:

Rob HendersonPresident and CEO(604) 697-6203

Dr. Klaus ZeitlerExecutive Chairman(604) 218-7013

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